WageWorks Acquires Tango Health’s Health Savings Account Business
SAN MATEO, Calif., Oct. 03, 2017
(GLOBE NEWSWIRE) — WageWorks, Inc. (NYSE: WAGE), a leader in administering Consumer-Directed Benefits, today announced it has acquired Tango Health’s Health Savings Account (HSA) business. The transaction strengthens WageWorks’ HSA product offering and its leadership position in the Consumer-Directed Benefits market.
“We are thrilled to welcome Tango Health’s HSA clients and account holders to WageWorks,” said Joe Jackson, Chairman and CEO of WageWorks. “This acquisition expands WageWorks’ comprehensive product portfolio and will accelerate our momentum as the leader in administering Consumer-Directed Benefits.”
The transaction includes Tango Health’s HSA technology platform and client portfolio. WageWorks and Tango Health will work together over the next several months to ensure a smooth transfer of the business and operations while maintaining outstanding service for existing customers.
“Our decision to exit the HSA market and focus on our rapidly growing core offerings was made easier knowing we could rely on WageWorks to take care of our customers,” said Todd Praisner, CEO and Founder of Tango Health. “WageWorks has an outstanding track record of successful business integrations, and we are confident knowing our customers and their account holders will be supported by the industry leader. Our ongoing partnership offers a combined best-in-class solution for customers needing decision support, benefits communications and consumer-directed account administration.”
In addition to HSA administration, Tango Health provides software and services to help enterprises achieve, maintain and report on ACA compliance, as well as decision support tools to ensure that employees are choosing the most appropriate health coverage. WageWorks and Tango Health have also established a channel partnership in support of these services.
WageWorks (NYSE: WAGE) is a leader in administering Consumer-Directed Benefits (CDBs). WageWorks is solely dedicated to administering CDBs, including pre-tax spending accounts, such as Health Savings Accounts (HSAs), health and dependent care Flexible Spending Accounts (FSAs), Health Reimbursement Arrangements (HRAs), as well as Commuter Benefit Services, including transit and parking programs, wellness programs, COBRA, and other employee benefits. WageWorks makes it easier to understand and take advantage of Consumer-Directed Benefits for more than 100,000 employers and approximately 6.5 million people. WageWorks is headquartered in San Mateo, California, with offices in major locations throughout the United States. For more information, visit www.wageworks.com.
VP, Corporate Communications
Director, Corporate Communications